Meta Platforms Inc (NASDAQ: FB) Chief Operating Officer Sheryl Sandberg said Wednesday she is leaving the Facebook parent after 14 years but her replacement will be a different sort of an executive, according to CEO Mark Zuckerberg.
What Happened: Zuckerberg penned a post on Facebook and said Javier Olivan would be taking over the number two spot at Meta.
“Javi will become our next Chief Operating Officer since he will now lead our integrated ads and business products in addition to continuing to lead our infrastructure, integrity, analytics, marketing, corporate development and growth teams,” wrote Zuckerberg.
Zuckerberg, who was only 23 years old when Sandberg joined Facebook in 2008, credited her for being the architect of Meta’s advertisement business and for hiring “great people.”
Sandberg will continue to serve on Meta’s board. Zuckerberg said he doesn’t plan to replace Sandberg’s role at the company.
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Why It Matters: Olivan is expected to operate in the role of a more traditional COO, according to Zuckerberg. Molly Cutler, Meta’s vice president of strategic response will join Olivan’s team.
“I think Meta has reached the point where it makes sense for our product and business groups to be more closely integrated, rather than having all the business and operations functions organized separately from our products,” said Zuckerberg.
In April, it was reported that Sandberg faced internal scrutiny for exerting pressure on a U.K. tabloid to shelve a damaging article on her then-boyfriend and Activision Blizzard Inc (NASDAQ: ATVI) CEO Bobby Kotick.
Price Action: On Wednesday, Facebook shares closed 2.6% lower at $188.64 in the regular session and rose 0.3% in the after-hours trading, according to data from Benzinga Pro.
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